Miami Median & Average Home Sales Prices Surged by Double Digits Once Again
It does not get old to read the reports of the Miami Association of Realtors month after month informing us that South Florida home prices surged by double digits once again in October. Rising home and condo values is a reflection of increased demand from local, U.S., and international buyers from around the world for Miami properties. Today buyers are more sophisticated and demanding and great architecture and design are critical. Miami real estate continues to meet those higher standards and expectations and therefore our real estate keeps selling at higher value.
Median Sales Prices for Homes and Condos Increased 18.9% & 17.2%The median sales price for a Miami home in October was $220,000, a significant increase of 18.9% when compared to $185,000 during the same period last year. Median condo prices also showed double-digit appreciation. The median sales price for a Miami condo was $170,000, an increase of 17.2% from the year-ago median price of $145,000.
“The 23 consecutive months of appreciation of Miami home and condo prices is a remarkable sign of the vitality and strength of South Florida’s real estate market,” said 2013 Chairman of the Board of the MIAMI Association of REALTORS Natascha Tello. “
Average sales prices were also marked by double-digit growth. The average sales price of a Miami single-family home in October was $421,546, a 29.9% increase compared to $324,611 at the same time last year. Similarly, average Miami condo prices increased by 11.8% to $296,568 relative to the prior year where the average price was $265,225.
Call me now to schedule a complete presentation of any project in Miami. Please contact me at 954.254.6085 or email me at JuanSolerRealtor@gmail.com
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